Does the model for equity release advice need to change?

Earlier this month the Financial Conduct Authority published the results of its review into lifetime mortgage advice, concluding it was "disappointed" by what it found.

One of the overarching conclusions the FCA reached is that there were many examples of advisers steering outcomes in favour of a lifetime mortgage and failing to discuss alternatives. In short, if you went to an adviser to ask about a lifetime mortgage, you were likely to end up being recommended a lifetime mortgage regardless of your circumstances.

This week FTAdviser deputy editor Damian Fantato is joined by Kelly Melville-Kelly, head of policy and compliance at the Equity Release Council, and Simon Chalk, managing director of Later Living Now, to discuss whether this is a fair characterisation of the sector.

They also discuss whether the model for providing equity release advice needs to change and move away from commission.

The FTAdviser Podcast is the podcast for financial advisers, brought to you by FTAdviser. Each week, FTAdviser is joined by guests from the industry to discuss the week in news and pressing industry issues.

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